ZTE has reached a deal to have United States sanctions lifted

ZTE signs preliminary agreement to lift US ban

Scott Davis
|
08 June, 2018, 10:47

In addition to the fine, a compliance team chosen by the USA will be embedded at ZTE and the Chinese company must change its board and executive team. The deal will allow the company to restart operations after it pays a $1 billion fine and installs US compliance officers to monitor its activity.

The deal stipulates that ZTE will overhaul its board of directors and executive team in 30 days.

Ross insisted that ZTE deal was an enforcement matter, separate from trade.

Finally, while no agreement has been officially inked, the sources in the Reuters article did say ZTE has finished all of its signatures and that the usa just needs to finalize the deal. That was a potential death blow to ZTE, which relies on US technology for an estimated 25 to 30 percent of its components.

ZTE previous year settled criminal and civil charges in connection with its violation of USA sanctions on Iran and North Korea.

The Trump administration has complained about a range of Chinese industrial policies that it says disadvantages USA companies, including compulsory licensing arrangements and rampant theft of trade secrets.

Under the new deal, $400 million will be held in escrow as a hedge against future violations by the company.

Under this new agreement, ZTE will retain compliance contractor in addition to the three-year court-appointed monitor imposed by the plea agreement.

A Van Hollen provision already in the defense bill would require Trump to certify to Congress that certain Chinese telecommunications companies such as ZTE and Huawei have obeyed USA laws for one year and worked in cooperation with US investigators before pulling back the economic sanctions imposed on the companies.

Trump has threatened to slap tariffs on at least $50 billion in Chinese imports shortly after publishing a final list of targets on June 15. Chinese telecom firms like ZTE and Huawei are suspected of having ties to the Chinese military, and their products already are banned on many U.S. military bases.

Critics like senator Marco Rubio have criticized the Trump administration's willingness to cut a deal with ZTE, saying it undercuts United States national security.

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